Bronstein, Gewirtz & Grossman, LLC Files Class Action Lawsuit Against MGP Ingredients, Inc.
NEW YORK, Feb. 10, 2025 – Bronstein, Gewirtz & Grossman, LLC, a prominent national law firm, has announced that a class action lawsuit has been filed against MGP Ingredients, Inc. (“MGP Ingredients” or “the Company”) (NASDAQ: MGPI) and certain of its officers. The lawsuit, filed in the United States District Court for the Southern District of New York, alleges that the Company and its officers violated the Securities Exchange Act of 1934.
Allegations Against MGP Ingredients
According to the complaint, MGP Ingredients and its officers made false and misleading statements regarding the Company’s business, operations, and financial condition. Specifically, the lawsuit alleges that the defendants failed to disclose that the Company was experiencing production issues at its facility in Atchison, Kansas. These issues, the lawsuit claims, resulted in significant delays and increased costs for the Company.
Impact on Investors
The lawsuit alleges that investors suffered significant losses as a result of the defendants’ alleged misrepresentations. The Company’s stock price dropped significantly following the disclosure of the production issues. Investors who purchased MGP Ingredients securities between [Date 1] and [Date 2] may be eligible to participate in the class action.
Global Implications
The filing of this class action lawsuit against MGP Ingredients could have far-reaching implications. It sends a clear message to publicly traded companies and their officers that they will be held accountable for any misrepresentations made to investors. The lawsuit also highlights the importance of transparency and accurate disclosure in the business world.
Additional Information
According to other online sources, MGP Ingredients is a leading supplier of premium distilled spirits and specialty wheat proteins and starches. The Company’s distilled spirits include bourbon, whiskey, gin, vodka, rum, brandy, and tequila. The Company’s ingredients business includes a range of specialty wheat proteins and starches used in various food and beverage applications.
The production issues at MGP Ingredients’ Atchison, Kansas facility reportedly began in late 2024 and continued into early 2025. The Company initially downplayed the severity of the issues, but eventually disclosed them to the public in a regulatory filing.
Conclusion
The filing of this class action lawsuit against MGP Ingredients is a reminder of the importance of transparency and accurate disclosure in the business world. Investors rely on the information provided by publicly traded companies and their officers to make informed investment decisions. When this trust is betrayed, as alleged in this lawsuit, investors can suffer significant losses. The outcome of this case could have far-reaching implications for the business community as a whole.
If you are an investor in MGP Ingredients and believe that you may have lost money as a result of the Company’s alleged misrepresentations, you may be eligible to participate in the class action. It is important to consult with a qualified attorney to discuss your legal rights and options.
